Mastek announces Q2 results

Mastek Ltd has announced the following Unaudited Results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 169.50 million for the quarter ended September 30, 2007 where as the same was at Rs 179.40 million for the quarter ended September 30, 2006. Total Income is Rs 1456.10 million for the quarter ended September 30, 2007 where as the same was at Rs 1241.30 million for the quarter ended September 30, 2006.

The Consolidated Results are as follows:

The Group has posted a net profit after tax & minority interest of Rs 251.20 million for the quarter ended September 30, 2007 where as the same was at Rs 211.90 million for the quarter ended September 30, 2006. Total Income is Rs 2114.90 million for the quarter ended September 30, 2007 where as the same was at Rs 1989.20 million for the quarter ended September 30, 2006.

The figures for the quarter ended September 30, 2007, are not comparable with the corresponding previous year's figures since with effect from March 09, 2007, the Company has sold its stake in JV with Deloitte.

Commenting on the results, Mr. Sudhakar Ram, Chairman and Managing Director, of the Company said, "We are pleased to note that our new financial year has commenced on a strong note. With an expanded opportunity pipeline resulting from the recent US acquisition in the insurance vertical, and continued focus on the IP-led enterprise applications market, we are confident that a 35% growth in dollar terms in FY2008 is achievable. The tong term outlook is even better, given the initiatives we are implementing in both our target verticals.

We have also made further additions to our Board and leadership team during the quarter in line with anticipated growth, and our share buy-back initiative demonstrates the confidence we have in our Company and shows our commitment to maximize long-term shareholder value."